12 U.S.C. § 1456 : US Code - Section 1456: Immunity of Corporation; audits and reporting requirements; data collection; Housing Advisory Council

Search 12 U.S.C. § 1456 : US Code - Section 1456: Immunity of Corporation; audits and reporting requirements; data collection; Housing Advisory Council

(a) Rights and remedies of Corporation; State qualifications or
similar statutes
All rights and remedies of the Corporation, including without
limitation on the generality of the foregoing any rights and
remedies of the Corporation on, under, or with respect to any
mortgage or any obligation secured thereby, shall be immune from
impairment, limitation, or restriction by or under (1) any law
(except laws enacted by the Congress expressly in limitation of
this sentence) which becomes effective after the acquisition by the
Corporation of the subject or property on, under, or with respect
to which such right or remedy arises or exists or would so arise or
exist in the absence of such law, or (2) any administrative or
other action which becomes effective after such acquisition. The
Corporation is authorized to conduct its business without regard to
any qualification or similar statute in any State.
(b) Government audits; procedure; access to records, etc.;
reimbursement of costs
(1) The programs, activities, receipts, expenditures, and
financial transactions of the Corporation shall be subject to audit
by the Comptroller General of the United States under such rules
and regulations as may be prescribed by the Comptroller General.
The representatives of the Government Accountability Office shall
have access to all books, accounts, financial records, reports,
files and all other papers, things, or property belonging to or in
use by the Corporation and necessary to facilitate the audit, and
they shall be afforded full facilities for verifying transactions
with the balances or securities held by depositaries, fiscal
agents, and custodians. A report on each such audit shall be made
by the Comptroller General to the Congress. The Corporation shall
reimburse the Government Accountability Office for the full cost of
any such audit as billed therefor by the Comptroller General.
(2) To carry out this subsection, the representatives of the
Government Accountability Office shall have access, upon request to
the Corporation or any auditor for an audit of the Corporation
under subsection (d) of this section, to any books, accounts,
financial records, reports, files, or other papers, things, or
property belonging to or in use by the Corporation and used in any
such audit and to any papers, records, files, and reports of the
auditor used in such an audit.
(c) Financial reports; submission to Director; contents
(1) The Corporation shall submit to the Director of the Office of
Federal Housing Enterprise Oversight of the Department of Housing
and Urban Development annual and quarterly reports of the financial
condition and operations of the Corporation which shall be in such
form, contain such information, and be submitted on such dates as
the Director shall require.
(2) Each such annual report shall include -
(A) financial statements prepared in accordance with generally
accepted accounting principles;
(B) any supplemental information or alternative presentation
that the Director may require; and
(C) an assessment (as of the end of the Corporation's most
recent fiscal year), signed by the chief executive officer and
chief accounting or financial officer of the Corporation, of -
(i) the effectiveness of the internal control structure and
procedures of the Corporation; and
(ii) the compliance of the Corporation with designated safety
and soundness laws.
(3) The Corporation shall also submit to the Director any other
reports required by the Director pursuant to section 1314 of the
Federal Housing Enterprises Financial Safety and Soundness Act of
1992 [12 U.S.C. 4514].
(4) Each report of financial condition shall contain a
declaration by the president, vice president, treasurer, or any
other officer designated by the Board of Directors of the
Corporation to make such declaration, that the report is true and
correct to the best of such officer's knowledge and belief.
(d) Independent audits of financial statements
(1) The Corporation shall have an annual independent audit made
of its financial statements by an independent public accountant in
accordance with generally accepted auditing standards.
(2) In conducting an audit under this subsection, the independent
public accountant shall determine and report on whether the
financial statements of the Corporation (A) are presented fairly in
accordance with generally accepted accounting principles, and (B)
to the extent determined necessary by the Director, comply with any
disclosure requirements imposed under subsection (c)(2)(B) of this
section.
(e) Mortgage data collection and reporting requirements
(1) The Corporation shall collect, maintain, and provide to the
Secretary, in a form determined by the Secretary, data relating to
its mortgages on housing consisting of 1 to 4 dwelling units. Such
data shall include -
(A) the income, census tract location, race, and gender of
mortgagors under such mortgages;
(B) the loan-to-value ratios of purchased mortgages at the time
of origination;
(C) whether a particular mortgage purchased is newly originated
or seasoned;
(D) the number of units in the housing subject to the mortgage
and whether the units are owner-occupied; and
(E) any other characteristics that the Secretary considers
appropriate, to the extent practicable.
(2) The Corporation shall collect, maintain, and provide to the
Secretary, in a form determined by the Secretary, data relating to
its mortgages on housing consisting of more than 4 dwelling units.
Such data shall include -
(A) census tract location of the housing;
(B) income levels and characteristics of tenants of the housing
(to the extent practicable);
(C) rent levels for units in the housing;
(D) mortgage characteristics (such as the number of units
financed per mortgage and the amount of loans);
(E) mortgagor characteristics (such as nonprofit, for-profit,
limited equity cooperatives);
(F) use of funds (such as new construction, rehabilitation,
refinancing);
(G) type of originating institution; and
(H) any other information that the Secretary considers
appropriate, to the extent practicable.
(3)(A) Except as provided in subparagraph (B), this subsection
shall apply only to mortgages purchased by the Corporation after
December 31, 1992.
(B) This subsection shall apply to any mortgage purchased by the
Corporation after the date determined under subparagraph (A) if the
mortgage was originated before such date, but only to the extent
that the data referred in paragraph (1) or (2), as applicable, is
available to the Corporation.
(f) Report on housing activities; contents; public disclosure
(1) The Corporation shall submit to the Committee on Banking,
Finance and Urban Affairs of the House of Representatives, the
Committee on Banking, Housing, and Urban Affairs of the Senate, and
the Secretary a report on its activities under subpart B of part 2
of subtitle A of the Federal Housing Enterprises Financial Safety
and Soundness Act of 1992 [12 U.S.C. 4561 et seq.].
(2) The report under this subsection shall -
(A) include, in aggregate form and by appropriate category,
statements of the dollar volume and number of mortgages on owner-
occupied and rental properties purchased which relate to each of
the annual housing goals established under such subpart;
(B) include, in aggregate form and by appropriate category,
statements of the number of families served by the Corporation,
the income class, race, and gender of homebuyers served, the
income class of tenants of rental housing (to the extent such
information is available), the characteristics of the census
tracts, and the geographic distribution of the housing financed;
(C) include a statement of the extent to which the mortgages
purchased by the Corporation have been used in conjunction with
public subsidy programs under Federal law;
(D) include statements of the proportion of mortgages on
housing consisting of 1 to 4 dwelling units purchased by the
Corporation that have been made to first-time homebuyers, as soon
as providing such data is practicable, and identifying any
special programs (or revisions to conventional practices)
facilitating homeownership opportunities for first-time
homebuyers;
(E) include, in aggregate form and by appropriate category, the
data provided to the Secretary under subsection (e)(1)(B) of this
section;
(F) compare the level of securitization versus portfolio
activity;
(G) assess underwriting standards, business practices,
repurchase requirements, pricing, fees, and procedures, that
affect the purchase of mortgages for low- and moderate-income
families, or that may yield disparate results based on the race
of the borrower, including revisions thereto to promote
affordable housing or fair lending;
(H) describe trends in both the primary and secondary
multifamily housing mortgage markets, including a description of
the progress made, and any factors impeding progress, toward
standardization and securitization of mortgage products for
multifamily housing;
(I) describe trends in the delinquency and default rates of
mortgages secured by housing for low- and moderate-income
families that have been purchased by the Corporation, including a
comparison of such trends with delinquency and default
information for mortgage products serving households with incomes
above the median level that have been purchased by the
Corporation, and evaluate the impact of such trends on the
standards and levels of risk of mortgage products serving low-
and moderate-income families;
(J) describe in the aggregate the seller and servicer network
of the Corporation, including the volume of mortgages purchased
from minority-owned, women-owned, and community-oriented lenders,
and any efforts to facilitate relationships with such lenders;
(K) describe the activities undertaken by the Corporation with
nonprofit and for-profit organizations and with State and local
governments and housing finance agencies, including how the
Corporation's activities support the objectives of comprehensive
housing affordability strategies under section 12705 of title 42;
and
(L) include any other information that the Secretary considers
appropriate.
(3)(A) The Corporation shall make each report under this
subsection available to the public at the principal and regional
offices of the Corporation.
(B) Before making a report under this subsection available to the
public, the Corporation may exclude from the report information
that the Secretary has determined is proprietary information under
section 1326 of the Federal Housing Enterprises Financial Safety
and Soundness Act of 1992 [12 U.S.C. 4546].
(g) Affordable Housing Advisory Council
(1) Not later than 4 months after October 28, 1992, the
Corporation shall appoint an Affordable Housing Advisory Council to
advise the Corporation regarding possible methods for promoting
affordable housing for low- and moderate-income families.
(2) The Affordable Housing Advisory Council shall consist of 15
individuals, who shall include representatives of community-based
and other nonprofit and for-profit organizations and State and
local government agencies actively engaged in the promotion,
development, or financing of housing for low- and moderate-income
families.